The CAMEL rating controversy in North Carolina got ratcheted up a notch with a new appeal by the North Carolina Credit Union League to the NCUA and the state's Credit Union Division to resolve quickly their exam dispute now causing significant operational harm.
In a letter to NCUA's Region III Director Herb Yolles and Jerrie Jay, division administrator, the league said the squabble over last October's CAMEL rating disclosure by State Employees' Credit Union and the start of dual exams has now created a confusing, unacceptable regulatory climate for the state's 48 state-chartered, federally insured credit unions and needs to be solved.
The sudden and what CEOs describe as "lengthy two-week exams" performed in the past few weeks "have been universally viewed by North Carolina credit unions as harsh and unnecessary at best," said the league letter signed by John Radebaugh, president/CEO.
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